Trading house Trafigura has launched Volare Shipping and said it plans to sell a roughly $500 million stake in the oil shipping business ahead of a potential listing.

Trafigura said Monday that Volare Shipping will initially operate six very large crude carriers with a further eight newbuild vessels to come. It said it plans to raise $500 million via a private placement of the shares before listing the business on the Euronext Growth Oslo exchange on or around Oct. 5. It will remain the majority-owner of the company after the listing, which is subject to approval.

Tanker rates have surged to record highs since the conflict in the Middle East upended oil markets. Earlier this month the cost of hiring an oil supertanker to load crude inside the Persian Gulf and sail it out of the Strait of Hormuz topped $1 million a day, according to maritime-intelligence firm Windward.

Rates elsewhere in the world have also risen as traders scour the market for alternatives to replace lost Middle Eastern supplies.

Trafigura said that access to capital markets will support the company's growth.